Russia Exploring Stablecoin Settlements With Friendly Nations: Report

President Vladimir Putin had signed a law banning digital payments earlier this summer.

AccessTimeIconSep 6, 2022 at 4:22 p.m. UTC
Updated May 11, 2023 at 4:57 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Russia is talking to several friendly countries about launching clearing platforms for cross-border settlements in stablecoins, according to a report from Russian news agency Tass.

Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev as saying, “We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros. We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries.”

The report did not name which countries.

Russia has previously taken a hard stance against the use of digital currencies, with President Vladimir Putin signing a law banning digital payments in July and the Bank of Russia pushing for all crypto activity to be banned in the country. The Bank of Russia is also in the process of developing a digital ruble.

But the Finance Ministry and the Bank of Russia agreed that in the current environment, where Russia has been sanctioned because of its invasion of Ukraine, "it is impossible to do without cross-border settlements in cryptocurrency,” Tass quoted the organizations as saying.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nelson Wang

Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.